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(Alliance News) - Tekcapital PLC on Monday said that it intends to use placing funds to facilitate the progress of its portfolio companies, after raising GBP2.3 million.
The London-based intellectual property investment group raised a total of GBP2.3 million before expenses in an oversubscribed placing from existing and new shareholders through the issue of 14.1 million new shares at 16 pence each.
Tekcapital told investors that GBP600,000 would be used to build the commercial inventory of MicroSalt Ltd, one of its portfolio companies. A further GBP1 million will be used to purchase autonomous shuttles for Guident's Remote Control Monitoring Centre clients, and for fabrication and testing of their regenerative shock absorbers for prospective clients.
The rest of the funds will mainly be used for additional working capital.
"We are pleased to announce this oversubscribed offering to facilitate the further good progress of our portfolio companies," said Executive Chair Clifford Gross.
Tekcapital shares were trading 16% lower at 16.97 pence each in London on Monday morning, giving the company a market cap of GBP25.5 million.
By Holly Beveridge; Alliance News reporter
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